The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.
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Graph and download economic data for Dates of U.S. recessions as inferred by GDP-based recession indicator (JHDUSRGDPBR) from Q4 1967 to Q4 2024 about recession indicators, GDP, and USA.
The 2020 recession did not follow the trend of previous recessions in the United States because only six months elapsed between the yield curve inversion and the 2020 recession. Over the last five decades, 12 months, on average, has elapsed between the initial yield curve inversion and the beginning of a recession in the United States. For instance, the yield curve inverted initially in January 2006, which was 22 months before the start of the 2008 recession. A yield curve inversion refers to the event where short-term Treasury bonds, such as one or three month bonds, have higher yields than longer term bonds, such as three or five year bonds. This is unusual, because long-term investments typically have higher yields than short-term ones in order to reward investors for taking on the extra risk of longer term investments. Monthly updates on the Treasury yield curve can be seen here.
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Graph and download economic data for Real-time Sahm Rule Recession Indicator (SAHMREALTIME) from Dec 1959 to Jun 2025 about recession indicators, academic data, and USA.
By April 2026, it is projected that there is a probability of ***** percent that the United States will fall into another economic recession. This reflects a significant decrease from the projection of the preceding month.
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The 2001 recession was unique in several respects. For instance, the peak-to-trough decline in real Gross Domestic Product was one of the smallest on record and its duration was slightly shorter than average. This article examines some of the other unique features of the 2001 recession compared with the "average" post-World War II recession. The author also shows that forecasters were surprised by the onset of the recession, perhaps because of incomplete data available to them in real time. Finally, the article examines the errors from a well-known macroeconomic forecast and finds that forecasters were surprised by the declines in real business and household fixed investment, as well as real net exports, before the March 2001 business cycle peak.
This paper investigates the impact of the crude oil price uncertainty on the growth of Industry and Mine sector in Iran over the period of 1367:1 to 1389:4. We applied Exponential Generalized Autoregressive Conditional Heteroskedasticity (EGARCH) Model to generate the crude oil price uncertainty indicator, and MSIA(3)-ARX(4,2) Model to examine the effects of this uncertainty on the Industry and Mine sector growth. Our Results show that crude oil price uncertainty in different regimes of industry and mine sector (recession, average growth and expansion) have a negative impact on this sector. Also, it is shown that under the influence of crude oil price uncertainty, duration of average growth is more than recession regime and it is more than expansion regime, respectively. In general, in the case of uncertainty in the crude oil price, Industry and Mine sector growth is disposed to average growth and persistence of this situation. It is suggested to control the effects of oil price uncertainty on economy by changing macroeconomic policies, creating a saving found for oil revenues, and applying rules for withdrawals from the fund in average growth periods, especially when there is a continuous increase in crude oil price. So oil price increases will be eliminated as a factor of recession and lower growth, and then the average growth regime in Industry and Mine sector will pass to expansion regime with the probability of 15% - calculated in this study.
The Covid-19 pandemic saw growth fall by 2.2 percent, compared with an increase of 2.5 percent the year before. The last time the real GDP growth rates fell by a similar level was during the Great Recession in 2009, and the only other time since the Second World War where real GDP fell by more than one percent was in the early 1980s recession. The given records began following the Wall Street Crash in 1929, and GDP growth fluctuated greatly between the Great Depression and the 1950s, before growth became more consistent.
There have been ups and downs in the history of the Dow Jones Industrial Average index (DJIA). Some years brought as much as 30 percent of decrease in its value. Great Recession, however, took the largest toll on the Dow. In 1931, the index lost 52.67 percent of its value.
Index history
Dow Jones Industrial Average index (DJIA) is one of the most important stock market indices worldwide. It was created in 1896 by Charles Dow and Edward Jones. DJIA is the second oldest U.S. stock index after the Dow Jones Transportation Average, which was established in 1984.
Index components
DJIA reflects the performance of thirty large U.S. publicly traded companies. When the index was created, it was primarily composed of industrial companies, hence the index name. With time, the economic situation in the U.S. has changed and apart from industrial companies, which played a huge role in the market in the 19th and the beginning of the 20th century, also companies from other leading industries were incorporated into the index. At present, the DJIA index is composed of most renowned U.S. corporations, such as Coca Cola, Microsoft or Walt Disney.
The Dow Jones Industrial Average (DJIA) is a stock market index used to analyze trends in the stock market. While many economists prefer to use other, market-weighted indices (the DJIA is price-weighted) as they are perceived to be more representative of the overall market, the Dow Jones remains one of the most commonly-used indices today, and its longevity allows for historical events and long-term trends to be analyzed over extended periods of time. Average changes in yearly closing prices, for example, shows how markets developed year on year. Figures were more sporadic in early years, but the impact of major events can be observed throughout. For example, the occasions where a decrease of more than 25 percent was observed each coincided with a major recession; these include the Post-WWI Recession in 1920, the Great Depression in 1929, the Recession of 1937-38, the 1973-75 Recession, and the Great Recession in 2008.
With the collapse of the U.S. housing market and the subsequent financial crisis on Wall Street in 2007 and 2008, economies across the globe began to enter into deep recessions. What had started out as a crisis centered on the United States quickly became global in nature, as it became apparent that not only had the economies of other advanced countries (grouped together as the G7) become intimately tied to the U.S. financial system, but that many of them had experienced housing and asset price bubbles similar to that in the U.S.. The United Kingdom had experienced a huge inflation of housing prices since the 1990s, while Eurozone members (such as Germany, France and Italy) had financial sectors which had become involved in reckless lending to economies on the periphery of the EU, such as Greece, Ireland and Portugal. Other countries, such as Japan, were hit heavily due their export-led growth models which suffered from the decline in international trade. Unemployment during the Great Recession As business and consumer confidence crashed, credit markets froze, and international trade contracted, the unemployment rate in the most advanced economies shot up. While four to five percent is generally considered to be a healthy unemployment rate, nearing full employment in the economy (when any remaining unemployment is not related to a lack of consumer demand), many of these countries experienced rates at least double that, with unemployment in the United States peaking at almost 10 percent in 2010. In large countries, unemployment rates of this level meant millions or tens of millions of people being out of work, which led to political pressures to stimulate economies and create jobs. By 2012, many of these countries were seeing declining unemployment rates, however, in France and Italy rates of joblessness continued to increase as the Euro crisis took hold. These countries suffered from having a monetary policy which was too tight for their economies (due to the ECB controlling interest rates) and fiscal policy which was constrained by EU debt rules. Left with the option of deregulating their labor markets and pursuing austerity policies, their unemployment rates remained over 10 percent well into the 2010s. Differences in labor markets The differences in unemployment rates at the peak of the crisis (2009-2010) reflect not only the differences in how economies were affected by the downturn, but also the differing labor market institutions and programs in the various countries. Countries with more 'liberalized' labor markets, such as the United States and United Kingdom experienced sharp jumps in their unemployment rate due to the ease at which employers can lay off workers in these countries. When the crisis subsided in these countries, however, their unemployment rates quickly began to drop below those of the other countries, due to their more dynamic labor markets which make it easier to hire workers when the economy is doing well. On the other hand, countries with more 'coordinated' labor market institutions, such as Germany and Japan, experiences lower rates of unemployment during the crisis, as programs such as short-time work, job sharing, and wage restraint agreements were used to keep workers in their jobs. While these countries are less likely to experience spikes in unemployment during crises, the highly regulated nature of their labor markets mean that they are slower to add jobs during periods of economic prosperity.
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View data of the S&P 500, an index of the stocks of 500 leading companies in the US economy, which provides a gauge of the U.S. equity market.
Prior to the 2020 recession, the yield curve was only inverted for *** days, which was much shorter than the average *** days preceding the previous five U.S. recessions. For instance, the yield curve was inverted for *** days between the inversion in January 2006 and the start of the ********* recession. A yield curve inversion refers to the event where short-term Treasury bonds, such as *** or ***** month bonds, have higher yields than longer term bonds, such as ***** or **** year bonds. This is unusual, because long-term investments typically have higher yields than short-term ones in order to reward investors for taking on the extra risk of longer term investments. Monthly updates on the Treasury yield curve can be seen here.
On October 29, 1929, the U.S. experienced the most devastating stock market crash in it's history. The Wall Street Crash of 1929 set in motion the Great Depression, which lasted for twelve years and affected virtually all industrialized countries. In the United States, GDP fell to it's lowest recorded level of just 57 billion U.S dollars in 1933, before rising again shortly before the Second World War. After the war, GDP fluctuated, but it increased gradually until the Great Recession in 2008. Real GDP Real GDP allows us to compare GDP over time, by adjusting all figures for inflation. In this case, all numbers have been adjusted to the value of the US dollar in FY2012. While GDP rose every year between 1946 and 2008, when this is adjusted for inflation it can see that the real GDP dropped at least once in every decade except the 1960s and 2010s. The Great Recession Apart from the Great Depression, and immediately after WWII, there have been two times where both GDP and real GDP dropped together. The first was during the Great Recession, which lasted from December 2007 until June 2009 in the US, although its impact was felt for years after this. After the collapse of the financial sector in the US, the government famously bailed out some of the country's largest banking and lending institutions. Since recovery began in late 2009, US GDP has grown year-on-year, and reached 21.4 trillion dollars in 2019. The coronavirus pandemic and the associated lockdowns then saw GDP fall again, for the first time in a decade. As economic recovery from the pandemic has been compounded by supply chain issues, inflation, and rising global geopolitical instability, it remains to be seen what the future holds for the U.S. economy.
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Mean dry season prey biomass (measured as wet weight) and mean prey length (pooled across all sites) for 2005–2010 dry seasons.
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Kenya Average Auction Price: Coffee: USD data was reported at 2.860 USD/kg in Sep 2018. This records a decrease from the previous number of 3.350 USD/kg for Aug 2018. Kenya Average Auction Price: Coffee: USD data is updated monthly, averaging 3.050 USD/kg from Jan 2003 (Median) to Sep 2018, with 187 observations. The data reached an all-time high of 8.400 USD/kg in Jan 2011 and a record low of 0.000 USD/kg in Jun 2015. Kenya Average Auction Price: Coffee: USD data remains active status in CEIC and is reported by Kenya National Bureau of Statistics. The data is categorized under Global Database’s Kenya – Table KE.P001: Average Auction Price. Data for Aug-2006, Aug-2007, Jun-2008 and July-2009 was abnormal because coffee facing recession during this period.
Inflation is generally defined as the continued increase in the average prices of goods and services in a given region. Following the extremely high global inflation experienced in the 1980s and 1990s, global inflation has been relatively stable since the turn of the millennium, usually hovering between three and five percent per year. There was a sharp increase in 2008 due to the global financial crisis now known as the Great Recession, but inflation was fairly stable throughout the 2010s, before the current inflation crisis began in 2021. Recent years Despite the economic impact of the coronavirus pandemic, the global inflation rate fell to 3.26 percent in the pandemic's first year, before rising to 4.66 percent in 2021. This increase came as the impact of supply chain delays began to take more of an effect on consumer prices, before the Russia-Ukraine war exacerbated this further. A series of compounding issues such as rising energy and food prices, fiscal instability in the wake of the pandemic, and consumer insecurity have created a new global recession, and global inflation in 2024 is estimated to have reached 5.76 percent. This is the highest annual increase in inflation since 1996. Venezuela Venezuela is the country with the highest individual inflation rate in the world, forecast at around 200 percent in 2022. While this is figure is over 100 times larger than the global average in most years, it actually marks a decrease in Venezuela's inflation rate, which had peaked at over 65,000 percent in 2018. Between 2016 and 2021, Venezuela experienced hyperinflation due to the government's excessive spending and printing of money in an attempt to curve its already-high inflation rate, and the wave of migrants that left the country resulted in one of the largest refugee crises in recent years. In addition to its economic problems, political instability and foreign sanctions pose further long-term problems for Venezuela. While hyperinflation may be coming to an end, it remains to be seen how much of an impact this will have on the economy, how living standards will change, and how many refugees may return in the coming years.
The U.S. federal funds rate peaked in 2023 at its highest level since the 2007-08 financial crisis, reaching 5.33 percent by December 2023. A significant shift in monetary policy occurred in the second half of 2024, with the Federal Reserve implementing regular rate cuts. By December 2024, the rate had declined to 4.48 percent. What is a central bank rate? The federal funds rate determines the cost of overnight borrowing between banks, allowing them to maintain necessary cash reserves and ensure financial system liquidity. When this rate rises, banks become more inclined to hold rather than lend money, reducing the money supply. While this decreased lending slows economic activity, it helps control inflation by limiting the circulation of money in the economy. Historic perspective The federal funds rate historically follows cyclical patterns, falling during recessions and gradually rising during economic recoveries. Some central banks, notably the European Central Bank, went beyond traditional monetary policy by implementing both aggressive asset purchases and negative interest rates.
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Graph and download economic data for Initial Claims (ICSA) from 1967-01-07 to 2025-07-12 about initial claims, headline figure, and USA.
In 1990, the unemployment rate of the United States stood at 5.6 percent. Since then there have been many significant fluctuations to this number - the 2008 financial crisis left millions of people without work, as did the COVID-19 pandemic. By the end of 2022 and throughout 2023, the unemployment rate came to 3.6 percent, the lowest rate seen for decades. However, 2024 saw an increase up to four percent. For monthly updates on unemployment in the United States visit either the monthly national unemployment rate here, or the monthly state unemployment rate here. Both are seasonally adjusted. UnemploymentUnemployment is defined as a situation when an employed person is laid off, fired or quits his work and is still actively looking for a job. Unemployment can be found even in the healthiest economies, and many economists consider an unemployment rate at or below five percent to mean there is 'full employment' within an economy. If former employed persons go back to school or leave the job to take care of children they are no longer part of the active labor force and therefore not counted among the unemployed. Unemployment can also be the effect of events that are not part of the normal dynamics of an economy. Layoffs can be the result of technological progress, for example when robots replace workers in automobile production. Sometimes unemployment is caused by job outsourcing, due to the fact that employers often search for cheap labor around the globe and not only domestically. In 2022, the tech sector in the U.S. experienced significant lay-offs amid growing economic uncertainty. In the fourth quarter of 2022, more than 70,000 workers were laid off, despite low unemployment nationwide. The unemployment rate in the United States varies from state to state. In 2021, California had the highest number of unemployed persons with 1.38 million out of work.
The Long Depression was, by a large margin, the longest-lasting recession in U.S. history. It began in the U.S. with the Panic of 1873, and lasted for over five years. This depression was the largest in a series of recessions at the turn of the 20th century, which proved to be a period of overall stagnation as the U.S. financial markets failed to keep pace with industrialization and changes in monetary policy. Great Depression The Great Depression, however, is widely considered to have been the most severe recession in U.S. history. Following the Wall Street Crash in 1929, the country's economy collapsed, wages fell and a quarter of the workforce was unemployed. It would take almost four years for recovery to begin. Additionally, U.S. expansion and integration in international markets allowed the depression to become a global event, which became a major catalyst in the build up to the Second World War. Decreasing severity When comparing recessions before and after the Great Depression, they have generally become shorter and less frequent over time. Only three recessions in the latter period have lasted more than one year. Additionally, while there were 12 recessions between 1880 and 1920, there were only six recessions between 1980 and 2020. The most severe recession in recent years was the financial crisis of 2007 (known as the Great Recession), where irresponsible lending policies and lack of government regulation allowed for a property bubble to develop and become detached from the economy over time, this eventually became untenable and the bubble burst. Although the causes of both the Great Depression and Great Recession were similar in many aspects, economists have been able to use historical evidence to try and predict, prevent, or limit the impact of future recessions.